Chevron Archives - Page 5 of 32

OPEC tensions build as Kazakhstan’s oil production hits all-time high

July 1, 2025

(Oil Price)– Kazakhstan’s crude oil output jumped 7.5% in June to 1.88 million barrels per day (bpd), matching the country’s all-time high set in March, according to figures leaked to Reuters. This puts Kazakhstan well over its official OPEC+ quota of 1.5 million bpd, and continues a pattern of months-long noncompliance that’s frustrating the group’s core members—especially Saudi Arabia. Total

Exxon, Chevron and Petrobras win exploration rights for disputed offshore Brazil region

June 18, 2025

(World Oil) – Petrobras, Exxon Mobil Corp. and Chevron Corp. have won exploration rights in Brazil’s Equatorial Margin, betting that the nation’s environmental regulator will finally open the promising offshore oil region for drilling after years of delay. Brazil sold 19 out of 47 blocks offered in Foz do Amazonas basin in deep waters near the equator, making it the

Chevron enters lithium sector with acreage buy in Texas, Arkansas

June 17, 2025

(BOE Report) – Chevron said on Tuesday its has acquired on lease about 125,000 net acres in northeast Texas and southwest Arkansas, marking the entry of the U.S. oil major into domestic lithium production. Energy giants, including Exxon Mobil, have been looking to leverage their expertise in drilling and brine processing to enter the lithium market and support the energy transition. Demand for

Chevron and Halliburton Enable Intelligent Hydraulic Fracturing

June 12, 2025

(Oil & Gas 360) – HOUSTON–(BUSINESS WIRE)–Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), and Halliburton (NYSE: HAL) jointly developed a new process that enables closed-loop, feedback-driven completions in Colorado. This intelligent fracturing process combines automated stage execution with subsurface feedback to optimize delivery of energy into the wellbore without relying on human intervention. The capability enhances the previous implementation of autonomous

Venezuela’s oil exports stable as buyers in China receive more

June 3, 2025

(BOE Report) – Venezuela’s oil exports remained almost unchanged last month as increased shipments to customers in China offset a decline in U.S.-authorized sales, according to vessel-tracking data and internal documents from state company PDVSA. The U.S. Treasury and State departments in March revoked the authorizations they had granted in recent years for PDVSA’s customers and partners to export oil

Chevron to cut nearly 800 jobs in Texas Permian basin

May 30, 2025

(World Oil) – Chevron Corp. plans to lay off nearly 800 employees in the Permian basin, its biggest oil-production operation globally. The bulk of the reductions will come from Chevron’s Midcontinent campus on the outskirts of Midland, Texas, the company said in a filing with the Texas Workforce Commission. The filing listed the layoff date as July 15, 2025. “Chevron is

U.S. oil giants fight over Guyana’s 11-billion barrel treasure trove

May 28, 2025

(Oil Price) – This week, a private arbitration panel in London began hearing the arguments of U.S. supermajors ExxonMobil and Chevron regarding their rights to one of the world’s most lucrative oil projects. Guyana’s Stabroek block has an estimated 11 billion barrels of oil in place discovered so far by the consortium of ExxonMobil, U.S. Hess Corp, and CNOOC of China.

Chevron’s Venezuela oil license set to expire next week, says U.S. Secretary Rubio

May 23, 2025

(World Oil) – U.S. Secretary of State Marco Rubio said in a post on X that a Venezuela oil-export license will expire next Tuesday, defying earlier expectations that it would be extended. The tighter time frame would put pressure on Chevron Corp.’s operations in the sanctioned nation. The U.S. oil giant has been a major contributor to Venezuela’s economy in

Big oil shrugs at $60 crude—for now

May 21, 2025

(Oil Price) – The biggest international oil firms used the first-quarter earnings calls to reassure investors that Big Oil is in a ‘business as usual’ mode at oil prices at $60 per barrel. As ExxonMobil, Chevron, Shell, BP, and TotalEnergies reported their Q1 earnings and provided guidance for the second quarter and the rest of the year, oil prices were ending one of

Chevron, European firms lobby to keep stakes in Venezuela oil joint ventures

May 16, 2025

(Investing) – U.S. oil producer Chevron Corp (NYSE:CVX) and several European companies are in talks with the Trump administration to obtain authorizations to keep their stakes in joint ventures with Venezuela’s state-run PDVSA, three sources close to the matter said. Washington in March revoked licenses and authorizations it had granted in recent years that allowed PDVSA’s foreign partners and customers to do business

Kazakhstan considers options to meet OPEC+ production cut obligations

May 7, 2025

(World Oil) – Kazakhstan is considering its options for complying with the country’s OPEC+ obligations to cut production, after Saudi Arabia doubled down on its efforts to bring quota-cheats in line over the weekend. “Kazakhstan always was and is committed to OPEC+ agreement,” the Astana-based ministry said on Tuesday in emailed reply to questions. Central Asia’s largest oil producer “is

Chevron meets Wall Street profit estimates but cuts buybacks in Q2

May 2, 2025

(BOE Report) – Chevron on Friday reported first-quarter earnings that met Wall Street estimates, but said it would spend less on share repurchases in the current quarter, reflecting the shaky economic outlook faced by Big Oil. The company’s share repurchases this year could be between $11.5 billion and $13 billion, said Chevron Chief Financial Officer Eimear Bonner, which would be in

Premium Content